Hey John,
1970 is gettin up there and there's a few things you want to take a real close look at... And that's the entire brake system! Brake work on an older VW is pretty straightforward though and with the help of your friend and the Bentely manual you guys should be able to do the work. Just don't scrimp anywhere, it'll cost you in the long run.
Items you want to pay especially close attention to are the "soft" lines, rubber covered lines are likely to need replacing front and rear. Make sure and inspect the "hard" lines, steel tubing, as well for any signs of rust, kinking, leaking and abrasions. Especially any place they make contact with the body or go through a hole. When in doubt? Replace. Same thing for all the brake hardware. If it's in questionable condition? Replace it. It'll make adjusting the brakes that much easier and the brakes will operate just that much better.
It's getting harder and harder to find shops that will "turn" or machine drums and rotors nowadays, most times they just replace them. That might be the best option anyway. An older drum that's already been machined close to it's limits isn't going to dissipate heat as readily as a new drum. If you do get new drums just be sure and clean any film off of them COMPLETELY before you install them. Be sure and use a solvent that doesn't leave a film and keep yer grubby paws off the linings and the braking surface of the drum(s)!
Adjusting and bleeding the brakes properly is VERY important and can be frustrating to say the least. Figure on flushing the entire system regardless of how deep you get into it. It's likely the fluid that's in there now hasn't been flushed out in quite some time.
Don't go heading out into traffic until you've had a chance to test drive the vehicle in a really big closed area, you want to make sure the brakes work effectively without pulling or fading on you. If those tests go O.K.? STOMP on the pedal to simulate a panic stop, just be sure you're belted in, braced and there isn't anything loose to fly around the cab. You should be able to lock up the rears at the very least and ideally? The fronts as well. But be VERY VERY careful!
I'd figure on replacing just about everything from the master cylinder on out if you don't know the service history of the vehicle.
Don't forget the wheel bearings and seals, you're gonna have the thing apart anyway so go ahead do those while you're at it.
And oh yeah... Have fun but save the beers until AFTER all the work is completed and you're done with the test drive(s) Can't tell you how many vehicle repairs get totally screwed up under the influence so don't do it!